- Targets $42.5 oil benchmark for next year
Federal Executive Council, FEC, has approved the Medium Term Expenditure Framework for 2017-2019.
Minister of Budget and National Planning, Senator Udoma Udo Udoma announced this yesterday while briefing State House correspondents on the outcome of the FEC meeting presided over by President Muhammadu Buhari.
According to the minister, the oil benchmark targets are as follows: 2017, $42.5 per barrel; 2018, $45 and 2019, $50.
Udoma stated that the government was looking at an exchange rate of N290 to a dollar for 2017.
He said for the current fiscal year, the government had released over N400 billion for capital expenditure and was not lagging behind in the recurrent expenditure.